Trump Fundraising Picked up Steam, But Slow Start Still Leaves Him Well Back

Both National Party Committees Behind 2012, Despite Increased Limits

Historical Tables through June and July, 2008-2016

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On August 20th, the Clinton and Trump campaigns, as well as the National Party Committees, will file reports covering their activity through July 31st. This report analyzes the data through June 30th digging for clues on what to look for when the new reports come in.

Nominees

Despite Donald Trump ramping up fundraising in June ($26.7 million) and a much higher amount expected in July, his late start will continue to leave him behind Hillary Clinton in the money race. Looking at the combined total of cash on hand on June 30th of the campaign committees, joint fundraising committees, RNC/DNC, and candidate Super PACs, the Clinton camp had nearly $80 million dollars more in cash on hand than the Trump camp. With both sides expected to report large fundraising hauls for July, this edge is not expected to diminish.

We also cannot be certain how much money will actually be available to support him. Some Republicans have suggested that the RNC withhold money from Trump to spend it on down ballot races. Additionally, Trump’s joint fundraising committee (unlike Clinton’s) has been raising money for the party’s building fund and the recount/legal fund. These funds are restricted to these uses.

Small Donors

As of June 30, Trump had raised 63% of his contributions (excluding self-financing) from donors who gave $200 or less. Although that represents a high percentage compared to other candidates, the dollar amount raised by June 30 was less than two other Republicans no longer in the race – Ted Cruz ($25.4 million) and Ben Carson ($30.8 million). (See table 7)

Hillary Clinton’s small donor fundraising, while not getting the same notice as Bernie Sanders unprecedented small donor program, has been strong. The $63.6 million she has raised from donors giving $200 or less is more than double what Trump has brought in. Even assuming heavy small donor fundraising in July, Trump is likely to remain well behind Clinton in money from small donors.

National Parties – RNC/DNC

In Presidential election years the Republican National Committee (RNC) and Democratic National Committee (DNC) normally dedicate their resources to electing the party’s nominees for president. As a result, they typically see a spike in fundraising as they gear up to help their nominees in the general election. This cycle the DNC has lagged behind its own fundraising totals in past Presidential elections, as well as behind this year’s RNC. Through June 30, the DNC has raised $119.5 million, 46% less than in 2012. Meanwhile, the RNC has raised $180.7 million over the same period. The RNC is also behind its 2012 totals, but by only 18%. Neither committee has significant sums of cash on hand, in fact, when the DNC’s debts are taken into account it is more than $1 million in the red. The RNC had $13.4 million in cash on hand on June 30. This is compared to $32.1 million for the DNC in 2012 and $79.5 for the RNC. (See table 12)

Special Accounts

New for the 2016 election cycle, party committees are allowed to raise additional money from donors, under separate contribution limits, for special party accounts to fund specific purposes. These include presidential nominating conventions, national party headquarters buildings, as well as recounts and other legal costs. An individual may donate up to $100,200 per year to each of these accounts, in addition to the $33,400 they may give to the party general fund.

The RNC has built up a large advantage in fundraising for these new accounts, raising over $55 million dollars for them compared to only $9.2 million for the Democrats (See table 13). The decline in RNC/DNC fundraising from the last Presidential election, when they were not allowed to raise these large sums from individual donors, is even more pronounced when these accounts are removed from the totals.

Joint Fundraising

In recent Presidential election cycles joint fundraising committees have been a significant source of receipts for the RNC and DNC. By June 30th of the 2012 cycle, The DNC had received $67 million from the Obama Victory Fund 2012 and the RNC had received $53 million from Romney Victory Inc.

For 2016, with the late start the RNC and Donald Trump have had in coming to an arrangement about joint fundraising, only $10.1 million has been passed to the RNC from Trump Victory Inc. as of June 30th. See joint fundraising charts for details. Only $4.3 million of that money is for the party’s general fund, with the rest being dedicated to the special accounts noted above. The DNC has received $17.5 million from the Hillary Victory Fund, none of which is earmarked for the special accounts.

The Campaign Finance Institute is the nation's pre-eminent think tank for objective, non-partisan research on money in politics in U.S. federal and state elections. CFI's original work is published in scholarly journals as well as in forms regularly used by the media and policy making community. Statements made in its reports do not necessarily reflect the views of CFI's Trustees or financial supporters.